Moody's cuts H&E to stable

Moody's Investors Service said it revised H&E Equipment Service, Inc.'s outlook to stable from positive and affirmed all existing ratings, including the B1 corporate family rating and B3 (LGD5, to 80% from 81%) $250 million of 8 3/8% senior notes due 2016.

The outlook action was taken to better align the outlook with underlying industry fundamentals as well as the company's credit metrics and financial policies, Moody's said.

The ratings consider the impact on credit metrics from the company operating in a highly cyclical industry supported by a conservative financial policy and moderate scale, the agency said.

The company's financial policy supports the ratings as the company has adopted a conservative financial risk approach to a cyclical business evidenced by the company's historically low leverage, the agency added.

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